Universal Bioenergy Inc. (fka UBRG)

[wilma6311]

Seriously...the typo's are so annoying. Here is the actual news regarding that reduction in debt from the last 10Q and under the information about Global Energy Group. It was April 2013...not 2012.

Also...not sure why they are saying this was just approved as a restructuring when it happened a year ago.

From the last 10Q:
On January 11, 2013, Global Energy Group LLC, (“GEG”), purchased a portfolio of 14 of the Company’s Promissory Notes, in a private transaction directly from the individual Note Holders, with a total principal amount of $3,234,775. On April 10, 2013, the Company, at the direction of “GEG”, converted this portfolio of 14 Promissory Notes into common shares of stock; and issued 1,568,630,000 common shares for that conversion. The Promissory Notes were converted into common stock at the market price at the time of conversion. The 1,568,630,000 shares was the equivalent of 61.78% of the Company’s 2,538,903,268 outstanding shares of common stock that were issued and outstanding on May 20, 2013, as reported in the Company’s Form 10-Q Report for the period ended March 31, 2013. Global Energy Group is now deemed an affiliate.